Belgium-based biscuit company Lotus Bakeries has acquired all the remaining shares in its Italian marketing joint venture (JV) Lotus Bakeries Italia.

The financial details of the deal have not been disclosed.

Lotus Bakeries established the JV in 2019 with its Italian distribution partner Lona to market its products in the country.

From the beginning, Lotus Bakeries owned a majority stake in the JV and had an option to ultimately purchase all of the shares.

Lotus Bakeries CEO Jan Boone said: “With the acquisition of full control over our entity in Italy, we’re taking our next step in this major consumer market.

“With the necessary focus and support from the rest of the Group, a team of Lotus Bakeries employees based in our own office in Milan will be able to take the next steps to increase market penetration in this country.”

Going forward, Lotus Bakeries intends to further strengthen its position in the Italian market from its office in Milan.

Italy is said to be one of the important markets in Europe for the company and offer new opportunities for Lotus Bakeries.

Lotus Bakeries added that it will continue its collaboration with Lona for warehousing and distribution services.

Last May, Lotus Bakeries reached an agreement with Natural Balance Food’s founders Jamie and Greg Combs to acquire the majority of the remaining stake to hold a 97.9% ownership stake in the company.

Established in 2004, Natural Balance Foods is a British company that offers whole food bars.